July 6, 2020


China purchased more US corn and soybean in May


The United States exported large orders of corn, soybean and other agriculture goods to China in May, but China is still far from meeting its Phase 1 US-China trade deal pledge, Bloomberg reported.


US government data showed corn and wheat shipments were its highest in more than a year. The Peterson Institute for International Economics' trade-deal tracker showed China's increased grains purchases was only up to US$27 billion this year, but this only accounts for products exported through May 2020, not counting sold products that have not been shipped.


The US exported 3.4 metric tonnes of soybean to China in May valued at US$1.25 billion, but data from the US Department of Agriculture showed buyers from China have already bought close to 7 million tonnes of US soybean. These will be shipped in the current season ending August 31, to the next season that starts September 1.


China pledged to purchase US$36.5 billion in agriculture goods from the United States in the US-China Phase 1 trade deal signed in January.


-      Bloomberg